All Forum Posts by: Marquise Bailey-Dillard

Hi Marquise - congrats on paying off your debts! You may run into issues trying to take a HELOC out on an investment property, and even if you can I doubt you'd want to use it for a down payment for a primary because the rates are much higher.

What kind of cash flow would you be generating from your multi once you move out? Are you looking to stay in the Boston area?

I have to agree with @Rob Beland on this one.  Boston is so densely populated with financial pros that know what is what specific to the state.  When something goes wrong, I want to be able to go see my accountant rather than emailing him in Texas or wherever.  

I have a very thorough CPA in RI if you are interested who is familiar with MA tax codes.  I have done lots of deals in MA and have always been happy with him.  Young guy, aggressive, but very smart about your short and long term tax ramifications.  

Hey, I’m looking for a cpa in Massachusetts. Can I have the guy you used in the past please. 

Huge congrats on making strides with those student loans and navigating the 2-family house scene in Massachusetts! 

It makes strategic sense to continue renting out the second unit while focusing on eliminating the remaining $17,000 in student loans. With such a favorable interest rate, holding onto your property is a wise decision.

As you work on getting rid of those debts, consider putting some of the extra cash into an emergency fund. It's not just for peace of mind but also to handle any unexpected home repairs or turnovers. At the same time, think about saving up for your next investment property. By managing your money wisely and investing in your property, you're on the way to building a strong real estate portfolio. Congrats on your achievements so far!

As you work on getting rid of those debts, consider putting some of the extra cash into an emergency fund. It's not just for peace of mind but also to handle any unexpected home repairs or turnovers. At the same time, think about saving up for your next investment property. The current market conditions make it a good time to explore more real estate opportunities. By managing your money wisely and investing in your property, you're on the way to building a strong real estate portfolio. Congrats on your achievements so far!

Don't forget, mortgage debt can be considered good debt. Think about grabbing another owner-occupied property so you can snag something with minimal down payment and keep up the house hacking game. It's a smart move to keep the real estate momentum going! 

Thank you for your response! 

I do have a little nest egg (3 months of mortgage). I honestly don’t want another owner-occupied home. I have asked my wife to sacrifice for the past few years, that she deserves a single family home and my children do as well! 

Massachusetts is extremely hard to be an investor due to the high prices of homes, especially in the south shore Boston area. 

I work for the state so in about 23 years (yes I’m counting) I’m hoping to be able to retire and use my pension and money I’m making off the multi-family to be able to live off comfortably. 

Also other investment in the future I’ll dive into but I can’t ask my wife to sacrifice again lol 

Are you open to buying another MFU? It isn't a buy idea so that you continue to build your wealth while your family grows. You are not likely going to refinance with that low of rate so look into the 5% down for MFU if it makes sense.

I would also look at what your payments are with the $17K. Keep in mind as far as qualifying is concerned, lenders look at your monthly payments, not total amount. It may not make much of a difference between buying now versus the spring.

Thank you @Rick Albert for your response  honestly it has been a goal of mind to pay off my student loans. I’ll be approaching my 30s this upcoming year and I told myself I’m going to be debt free and have student loans behind me.